[Villages PL]

Originally Posted by Parker

I just read that Cypress has agreed to seize roughly 6 to 12% of bank deposits to avoid banking collapse, all with the approval of the EU. Refusal to pay will result in jail and/or hefty fines. Very scary.

There won't be any "refusal to pay" because the money was deducted from the accounts while the bank was closed.

[JoelJohnson]

We owe THEM money, if we don't pay what are they going to .. take the White House?

[JoelJohnson]

Why have your money in savings account anyway? You can buy a good company like General Mills that pays a healthy dividend and INCREASES it every year! Same as JNJ or Bristol Myers!

Don't fight the FED, interest rates will remain low for a very long time.

REMEMBER if you are getting .50% on your CD or saving account and inflation is around 2% you are LOSING 1.5%!

[NIPAS K-9]

Originally Posted by Parker

Disagree, respectfully. At least with a savings account, you have made the choice to accept a lousy interest rate, versus a seizure of assets where you have no choice.

I AGREE..................

[Cantwaittoarrive]

Originally Posted by Villages PL

If you keep all of your money in the bank, the Fed isn't doing it to you, you are doing it to yourself.

Well I guess you could say the same about the money in the Cypress bank accounts? They should have known better and therefore they are really doing it to themselves?

[Cantwaittoarrive]

Originally Posted by JoelJohnson

Why have your money in savings account anyway? You can buy a good company like General Mills that pays a healthy dividend and INCREASES it every year! Same as JNJ or Bristol Myers!

Don't fight the FED, interest rates will remain low for a very long time.

REMEMBER if you are getting .50% on your CD or saving account and inflation is around 2% you are LOSING 1.5%!

Not the point. The OP was sighting the seizing of a % of bank accounts and all I'm saying is without the interference of the Fed rates would be much higher than they currently are today. Therefore the Fed is really doing the same thing. I on the other hand make 20+% on my money year after year trading options and only have 6 months expenses in a MM account. I can't understand why anyone would tie up money in stocks when there is so much money to be made in derivatives.

[Cantwaittoarrive]

Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke | Daily Ticker - Yahoo! Finance